ChargePoint (CHPT) layoffs are on the way for employees of the electric vehicle (EV) charging company.
The company announced that it will be cutting 10% of its workforce.
It did so in a Q2 earnings report that saw it miss Wall Street’s estimates.
ChargePoint (NYSE: CHPT) tumbled over 20% in morning trading after the EV company announced job cuts alongside its latest earnings report.
According to a press release, ChargePoint is planning a restructure that will result in it cutting 10% of its global workforce. The company says that these layoffs should result in “annual operating expense savings of approximately $30 million.”
ChargePoint expects to suffer $8 million in charges in this reorganization mostly connected to the layoffs. Investors will note that the company primarily expects to record these charges during the third quarter of 2023.
ChargePoint Q2 Earnings
To go along with the layoffs announcement, ChargePoint also reported adjusted EPS of -24 cents and revenue of $150.49 million. Unfortunately for investors in CHPT stock, both of these are below Wall Street’s estimates of -13 cents per share and revenue of $152.83 million.
ChargePoints outlook for the full year of 2023 is also lacking behind estimates. The company expects revenue for the period to range from $605 million to $630 million. That would have it missing analysts’ revenue estimate of $674.94 million for the quarter.
